Transplanted CA Condo Developer Spending $87M on NY Projects

NEW YORK CITY-A family-owned condominium developer, previously based in Southern California, is establishing itself rapidly in the New York area after relocating its headquarters here two years ago. The firm’s first local project is now under way in Brooklyn’s trendy Park Slope neighborhood and five other developments are in the pipeline for a total investment of $87 million.

Bluebell Assets, which developed multifamily projects in Los Angeles, Hawaii and Las Vegas for 30 years before moving its headquarters two years ago from West Hollywood, CA to offices in Midtown and Lawrence, Long Island, has broken ground on Prospect Terrace, a $13-million, 30-unit condominium project at 1638 Eighth Ave. in Park Slope. And in January, Bluebell will begin construction on a 10-unit development in Chelsea at 116 W. 22nd St.

According to Ben Bobker, who runs the company with his father Joe Bobker, while the Park Slope project is not expected to deliver until November 2003, “We plan on selling out within the next six months.” Bobker credits much of the interest generated by the project to historically low interest rates. “People are deciding they might as well own instead of renting,” he tells GlobeSt.com. “The economy is obviously down, the stock market is very down, which leads people to put money into their homes.”

Construction financing for Prospect Terrace by the Community Preservation Corp., Montreal-based Karl Fischer is the architect on the project and Joe Klaynberg at local firm Wonder Works is handling construction. Selling prices for the two- and three-bedroom units are expected to range from $389,000 to $529,000 each.

The Chelsea project, a $12-million Cetra/Ruddy Inc. designed loft building, will feature units ranging from 1,200 sf to 1,560 sf–the latter a penthouse duplex with two private terraces. Selling broker Shlomi Reuveni from the Corcoran Group’s Manhattan office is expecting to get prices in the neighborhood of $700 per sf for the apartments.

Bobker notes that Bluebell’s penchant for building mid-size condo projects allows the firm to complete ground-up developments quickly before moving on to the next job. “We find it’s a quick way of doing projects,” he tells GlobeSt.com. “We can get in and out. Medium-size projects are our niche.”

The firm also is wrapping up the design phase of a 22-condo Brooklyn development in the East Williamsburg area of Greenpoint. Units in the $7-million project, to be located at Woodpoint Avenue and Withers Street, likely will range in price from $250,000 to $429,000. Bluebell is also planning a seven-story, 48-unit condo project in Brooklyn, this one in the Gravesend area of Sheepshead Bay. Budgeted at $17 million, the two- and three-bedroom units, townhomes and penthouses will sell for $299,000 to $359,000.

Westbury, Long Island is the proposed site of a $27-million, 90-unit development that is currently under consideration by the village and county. The project, to be located on Post Avenue adjacent to the Long Island Railroad station, will replace the fire-damaged Piping Rock restaurant, a 1.25-acre landmark that once hosted President John Kennedy.

Groundbreaking is expected for early 2003 on Skyline Towers, an $11-million, seven-story waterfront project in North Bergen. Units at the River Road building will be priced from $399,000 to $599,000.

Bobker says he anticipates taking on three to five developments per year. “As long as it’s a good project, we’ll find a way to do it,” he notes.